ABANDONMENT AND SALVAGE

This is an expression that denotes a second party’s forfeiture of his or her rights and claims on a certain property. The Abandonment and Salvage is usually added as a clause in any insurance contract because it gives ability to the insurance company to take the abandoned property. But, it is important that the second party expressed his or her intent of entering the abandonment and salvage clause. Although sometimes, the financial profit of the salvaged rights are commonly contested legally by several other parties.